UTI, LIC to bid for managing pension scheme

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New Delhi, April 30: : UTI Asset Management Co (P) Ltd and LIC Mutual Fund Asset Management Co Ltd will bid for management of the country's largest pension scheme, officials from the two fund houses said.

"Yes, we are bidding," UTI AMC chief executive officer, U.K. Sinha told Reuters on Wednesday.

LIC Mutual Fund, the asset management unit of Life Insurance Corp (LIC), India's biggest insurer, will also bid to manage the fund, which has a corpus of more than 1.56 trillion rupees, an official said.

The government-run Employees' Provident Fund Organisation (EPFO) has invited bids from asset managers to manage its flagship scheme by Wednesday. "We are expecting many responses," an EPFO official said.